Because we are still on the very early stages and most people have no idea of what's going on. They have no notions of what a decentralized system is, they think that MT Gox was literally the Bitcoin headquarters and that Karpeles was the inventor and CEO of Bitcoin, they don't even report about Satoshi! Amazing journalism  |
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At this point it's clear this isn't simply a ponzi. There are billions being traded daily on Bitcoin, the volumes are astounding. It's looking really healthy, it's a solid uptrend, it's not like the last 2013 November bubble. Of course a correction will eventually happen but no one knows when. Holding all the way up and beyond.
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Watch the ATH on Bitfinex right now, we are flirting with 422, already 420 was surpassed with amazing easy. We will be at 500 no time. The ball is out now and people that don't still own any Bitcoin still start feeling more and more of an idiot by not doing it earlier as they research and understand the importance of at least owning 1 BTC for the future.
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Case in point, just look at a couple of weeks ago, full of replies like this everywhere: I doubt the price will even hit $400 by 2016  And now suddenly, everything seems possible again. What im seeing is, don't be scared to think that we could hit 1k, 2k, 3k.. by 2016. It's perfectly doable. More and more people will learn how to use Bitcoin to their advantage. It only takes a handful of whales to want to move their capital across continues to skyrocket the price because the marketcap is tiny. And once this happens, the average joe will want to get in too because of fear of missing out. Past a point only idiots that still don't understand the importance of Bitcoin will not own some. |
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It's funny looking at those old replies, everyone being so pessimistic and entering on the trap of confusing realism with pessimism. We will be at the last ATH again in no time, there's no way we are going to wait for 2022 to reach 4 figures again. The volume is insane and people is learning how to manage their capital in imposible ways in a pre-Bitcoin world.
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I would call it trading rather than dumping. You need sellers to fuel the buyers. Otherwise the price will be unsustainable as soon as one person starts selling.
You would also severly lack volume and liquidity if nobody is selling.
Exactly. I sold .5 BTC today. First time I've sold since Dec 2013 I'm betting were in the $200's again soon, hence I am trying some "Day Trading" i'm sorry for your loss mate $200  Listen I have bad luck, so if it does skyrocket, all of you can thank me. But realistically speaking every time I come on this forum and bitcoin is up a few dollars everyone is running in circles saying how its going to raise to some unrealistic amount of money, and every time it goes up a little, then falls. I'm being far more realistic then most around here. Except I do feel that after the halving there will be little to no chance bitcoin will be near $200. I sold 5% of my bitcoins. If it skyrockets, I'm safe All other rises were not like this. This is the first time we have seen exponentially increasing gains since May 2014, and May 2014 was just a dead cat bounce from the 2013 bubble, so those were different times. Just look at some may/June 2014 threads and you'll see how bullish we still were. That was clearly a denial phase if I have ever seen one. This time it's different though, we have been in a nearly 2 year stealth phase, and are now just starting with the next bubble. This is just the beginning, we haven't seen anything yet. It seem some people will never learn the fact by playing the daytrading card you end up getting hurt badly because you will lose your position eventually, and once that happens it's the worst feeling I can think off in the world of investments. It already happened to me on Tesla, I thought "well, this is rising too fast, it gotta correct..." and guess what! it didn't correct, and I was stuck out of the game. Not gonna fall for that with Bitcoin, I will hold and whatever happens happens. |
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It seems that people have forgotten that bitcoin still has flaws that need to be worked on under the hood... all of this price increase is due to hype and the "fear of missing out" effect. It might reach past $1-2K, but at that point, people will be questioning why they are buying bitcoins for this much and not getting a quality product at the end of it. So no, I don't think that bitcoin will go up to $1 million, unless there are changes to the code.
Wait, what do you mean by "quality product"? Because being able to store your wealth outside of the system and reach of governments and being able to trespass any goverment capital controls and anyone that wanted to play with your money without your consent, with a lot of expansible features when sidechains arrive.. it's a pretty fucking good product you are getting if you ask me. |
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Honestly there isn't anything worth investing at. Of course you can always gamble and think, let's put some money on RUB (Russian Rubble) and hope that it goes up.. but that's about it. It's way more exciting to be part of the Bitcoin revolution by owning Bitcoin, than owning some deprecating fiat currency in hopes it goes up by a small %.
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Does it mean we will be able to use it on Android smartphones too? Because im really slow at digital typing and I hate to put "BTC" all the time. I would love to just press on a symbol so people know im talking about BTC. Saves a lot of time and is way more stylish than using 3 big letters. No one says USD 1000 when you can say $1000 right.
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get on the PUMP before the DUMP LOL
if after the pump the price stabilize above 1k, i'm fine if the dump will be at 2k or 3k it's more important to have progress than anything else Exactly, this is the right mindset. Imagine you think you are being Mr Clever investor, "oh, this is the right to dump, ATH!" then you wake up with a higher price and it turns where you left was still under the new floor. That would be a wayy worse feeling than missing on the unlikely event of selling at the perfect peak. In other words: HODL |
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OP had that feeling and he was right. We are on a clear phase of Fear Of Missing Out (FOMO). We don't know exactly what has triggered this, but what do we know is the potential of Bitcoin as a technology to change the world, and a lot of goverments failing to deliver a peace of mind on their citizen's saved money. Therefore, more and more money to go from country to country thanks to Bitcoin is expected nonstop forever. People are starting to realize what can be done with BTC.
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I wonder what we will be saying in another 7 years and what sentiment we will have about Bitcoin and Satoshi creating it. There is a long road in front of us in my opinion but I am very, very optimistic. I am also ready to enjoy the ride!  We will think he deserved a Nobel Prize but he will never come back because he doesn't care about such recognition. The feeling of knowing you made an alternative economy to the official one possible is enough recognition and he will be so rich by then than there would be no economic incentive as well (im amusing he still owns those coins which seem frozen tho). |
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This guy is great, I've seen all of his speeches. I think his business will be huge in the future since a lot of people out there aren't cut to be their own banks, so they will like the technology of Bitcoin, but not the part where if you forget your password you lose your entire savings, so Xapo might come very handy on there.
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Ok sorry, I meant 1 year because today (well yesterday, depending if you are aussie) was november 1th, and that post was made november 1th (2008) so I mixed up what I was trying to say. Anyway I edited and corrected it, but you get the idea of what I was trying to say hopefully. The birthday of bitcoin was with that internet post a day like today.
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This is a range of days starting from 1st to 30th November from Bitstamp:
1 - 202,61
2 - 204,22
3 - 206,49
4 - 220,48
5 - 238,37
6 - 255,41
7 - 283,32
8 - 317,94
9 - 338,71
10 - 299,68
11 - 334,61
12 - 350,49
13 - 378,91
14 - 409,77
15 - 417,63
16 - 433,34
17 - 462,58
18 - 549,70
19 - 597,83
20 - 542,03
21 - 666,17
22 - 743,65
23 - 832,85
24 - 795,08
25 - 807,80
26 - 849,32
27 - 937,09
28 - 998,56
29 - 1065,36
30 - 1132,29
Here you can see how quick things can change. You are trying to day trade and boom, you get caught on such a wave and lose on becoming a millionaire in a matter of months while waiting for a correction, because make no mistake, the next bubble will push the price higher than anyone can imagine, so you may think "okay, 1K again! time to dump". You will sell your coins for filthy fiat and you will regret once it keeps going up. We don't know where the next floor will be at so you risk missing your Bitcoin position pretty much for life by selling too early.
To sum it up: Trying to predict panic buy attacks it's impossible, you never know when it can start, and as you can see, when it starts it happens really quick. Buy and hold very long term gold style is the only way to go.
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https://www.mail-archive.com/cryptography@metzdowd.com/msg09959.htmlJust realized this was 7 years ago. As far as I know this was the first time ever Satoshi posted on the internet (as Satoshi Nakamoto at least). Very nice look at the past. How much things have changed, and the good news is, everyone holding only 1 BTC right now is still very early into the game compared to the 99% of people out there. I hope Satoshi is OK and celebrating this birthday.
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If I were holding, I would sell now and aim to rebuy wherever it bottoms out around mid January.
You seriously think in January next year the price will go lower than it is right now? If you are indeed serious, then you are going to get very disappointed by then. It makes sense for the price at that time to be (much) higher than the current price. Since you have nothing to sell as you aren't holding, you won't face this problem not gonna happen this wont be like end of 2013 and beginning of 2014 its good to hope but i dont think so Well, everything is possible. The build up for the price of the latest ATH (1200 USD) was very, very subtle at the beginning, with a curvature that started getting really steep at the end of the month. I am trying to find the exact price of every single day of november during the 2013 buying rally and will make a thread now. |
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I have been seeing less and less news about Greece on TV lately. I think the media is shifting peoples attention away from it so they don't realize that after complying with Europe's (Merkel and friend) demands, they are still severely screwed up. They are now with the immigrant issue all day and forgetting about the Greece incident. We'll eventually go back to it once people start rioting.
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OP i've found this very interesting thread: https://bitcointalk.org/index.php?topic=1235171.new#newThis guy is making a TL;DR version of the developer IRC logs. I always like to read them but sometimes I don't have enough time or I just don't understand what are they talking about. I think being able to read what the developers are talking to each other is great and yet another thing you would never be able to get on a non-open source project (specially of this magnitude) |
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This is a really good idea. I often when reading on Bitcoin forums, see people quoting entire logs of devs talking to each other. Since im not an experienced coder I can't understand half of what's being discussed. A lot of important information gets lost in translation in those logs and putting in in ELI5 (well not that exaggerated, let's just say laymans) is a good initiative.
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